Country Farm and Business Management
managing a farm or business in the country requires a variety of economic, technical, and human conceptual and analytical skills. This includes identifying the requirements of consumers that your farming operation is uniquely positioned to meet, establishing a plan for production and marketing, and making sure that the basic resources are used efficiently and effectively. It is also essential to review the effectiveness regularly of current practices and latest technology.
A sound financial plan is essential to an efficient farm operation. This includes the preparation of annual budgets, plans for the farm and cash flow statements. These are then utilized to develop management action plans as well as to assess the performance of the business in terms of meeting its goals. It is important to create an emergency plan of action for what might happen to the company if catastrophe occurs or if it is decided to sell the business or lower it to hobby status.
It is important to seek guidance and support, whether that be from a consultant in business with experience in agriculture industry or as a sounding board for ideas that you have scribbled down on scrap paper. There are numerous organizations in Wisconsin that can help farms and food-related businesses start and expand. Farm Answers is one example. It features a how-to library, guidance and a directory of training for farmers who are beginning their careers. programs.
Farmers who succeed have a strategy in place for their children or other family members to inherit the farm in the future. This http://www.mountaincountryfarm.com/generated-post-4 process isn’t always straightforward and could cause tension, but it is best to start the discussion early.